Parnassus Investments LLC Decreases Holdings in Cummins Inc. (NYSE:CMI)

Parnassus Investments LLC trimmed its position in Cummins Inc. (NYSE:CMI) by 5.2% in the 4th quarter, Holdings Channel.com reports. The fund owned 380,118 shares of the company’s stock after selling 20,794 shares during the quarter. Parnassus Investments LLC’s holdings in Cummins were worth $132,509,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in CMI. Global Trust Asset Management LLC boosted its position in shares of Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares in the last quarter. KG&L Capital Management LLC raised its stake in Cummins by 0.8% in the fourth quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock valued at $1,296,000 after buying an additional 28 shares during the last quarter. Massachusetts Wealth Management boosted its holdings in Cummins by 0.6% in the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock worth $1,677,000 after acquiring an additional 30 shares in the last quarter. Avestar Capital LLC grew its stake in shares of Cummins by 3.2% during the fourth quarter. Avestar Capital LLC now owns 987 shares of the company’s stock worth $344,000 after acquiring an additional 31 shares during the last quarter. Finally, Mayflower Financial Advisors LLC increased its holdings in shares of Cummins by 2.0% during the fourth quarter. Mayflower Financial Advisors LLC now owns 1,631 shares of the company’s stock valued at $568,000 after acquiring an additional 32 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CMI has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Robert W. Baird boosted their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Truist Financial upped their target price on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Jefferies Financial Group boosted their price target on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Barclays raised their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $386.67.

Cummins Stock Down 5.5 %

Shares of CMI stock opened at $312.65 on Friday. Cummins Inc. has a twelve month low of $260.88 and a twelve month high of $387.90. The stock has a market cap of $42.98 billion, a P/E ratio of 11.10, a P/E/G ratio of 2.19 and a beta of 1.01. The stock has a 50 day moving average of $360.03 and a 200 day moving average of $346.51. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period in the previous year, the firm earned $4.14 EPS. The business’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.33%. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.